Eurosystem funding rises to 13.2 bln in October, banknotes up for third month
Building permits increase by 13.3 pct in August
Apartment prices up by 2.5 pct in Q3 as recovery trend continues
Car sales rise by 19.2 pct in October
Industrial production up by 2 pct in September
CPI up by 1.8 pct in October, highest since March 2017
2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy (both on a cash basis) to reach the MoU target of a general government (gg) primary surplus at 2.84 billion (1.6 percent of GDP).
The achievement of a sustainable primary surplus has emerged as the Holy Grail of Greece’s fiscal adjustment as it would pave the way for official discussions on the ultimate target of debt easing measures to begin in the coming months.
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